糖心破解版

As Snapchat continues to bleed money and finds itself wedged somewhere between Instagram and TikTok, the platform鈥檚 parent company Snap is reportedly taking some aggressive cost-saving measures. As reported first, Snap is planning to lay off 20 percent of its roughly 6,400 full-time employees, with the departments working on hardware and mini apps and games said to be most severely affected by the imminent job cuts.

Having hired aggressively during the pandemic, Snap鈥檚 business didn鈥檛 grow as quickly as hoped in recent quarters, as global economic headwinds, intense competition and Apple鈥檚 new App Tracking Transparency feature have made it harder to sell online advertising. Snap鈥檚 share price is down nearly 80 percent this year, signaling investors鈥� low confidence in the company鈥檚 ability to turn things around.

Interestingly, Snap鈥檚 share price was up 15 percent in early trading after the news of the layoffs broke, indicating that shareholders appreciate the company鈥檚 cost-cutting efforts.